On 6 August, Novo Nordisk announced its H1 2025 results, with total revenue of DKK 154.9 billion (USD 22.9 billion) in the 6-month period, up 18% year-on-year (YoY) at constant exchange rates (CER).

Semaglutide sales have long been the highlight of Novo Nordisk’s financial reports. Specifically, antidiabetic injection Ozempic (semaglutide) generated sales of DKK 64.5 billion (USD 9.6 billion) in the first half of the year, up 15% YoY, while oral tablet Rybelsus (semaglutide) delivered sales of DKK 11.3 billion (USD 1.7 billion) after 5% expansion, and weight-loss injection Wegovy®(semaglutide) injection 2.4 mg HCP jumped 78% to DKK 36.9 billion (USD 5.5 billion).

The three semaglutide products combined generated total revenue of DKK 112.8 billion, or USD 16.7 billion, in the first semester. As a result, semaglutide becomes the new top-selling drug globally, overtaking MSD’s KEYTRUDA® (pembrolizumab) HCP which generated USD 15.2 billion.

However, it is worth noting that Novo has lowered its growth expectations for the star product as Wegovy’s penetration in the US and other international markets has been lower than expected. Additionally, Ozempic’s growth in the US market might slow down due to increasing competition.

Novo Nordisk will continue to push forward, implementing countermeasures such as advancing more commercial initiatives, while expecting to receive a regulatory decision on Wegovy for metabolic dysfunction associated steatohepatitis (MASH) during H2 2025, which would represent a new growth driver.

Overall, Novo Nordisk’s diabetes and obesity care business revenue in the first half of 2025 was DKK 145.406 billion (USD 21.514 billion), up 18% YoY. Within this, sales of obesity drugs increased 58% YoY to DKK 38.796 billion (USD 5.740 billion).

In China, Novo’s performance grew 6% YoY to DKK 9.9 billion (USD 1.5 billion), with semaglutide products generating DKK 3.7 billion (USD 550 million) in H1 2025. Ozempic declined 5% YoY to DKK 2.8 billion (USD 409 million), while Wegovy (approved in June 2024) delivered DKK 842 million (USD 125 million), and Rybelsus (approved in January 2024) contributed DKK 116 million (USD 17 million) after its delayed launch this year.

In terms of R&D, based on clinical studies completed in Q1 2025, Novo will advance subcutaneous and oral amaycretin to Phase III in weight management. Additionally, in the obesity field, the company has initiated the REDEFINE 11 study to further explore the potential efficacy and safety of CagriSema (cagrilintide + semaglutide). At the same time, the marketing application for semaglutide 7.2 mg (a high-dose formulation of Wegovy) has been submitted to EU regulators.

Recently, Novo has also undergone significant personnel changes, including Maziar Mike Doustdar succeeding Lars Fruergaard Jørgensen as president and CEO. Additionally, the company announced it has decided to consolidate its R&D areas under the leadership of Martin Holst Lange. Finally, Emil Kongshøj Larsen Larsen will succeed Doustdar as executive vice president of international operations. All changes took effect on 7 August.

Outgoing president and CEO Jørgensen said: «While delivering 18% sales growth in the first half of 2025, we have lowered our full-year outlook due to lower growth expectations for our GLP-1 treatments in the second half of 2025. As a result, we are taking measures to sharpen our commercial execution further, and ensure efficiencies in our cost base while continuing to invest in future growth. With more than one billion people living with obesity globally, including more than 100 million living in the US, and only a few million on treatment, I am confident that under Mike Doustdar's leadership, Novo Nordisk will maximise the significant growth opportunities, supported by a strong product portfolio and future pipeline».
For the full-year 2025 outlook, Novo Nordisk now expects sales growth of 8% to 14% at CER and operating profit growth of 10% to 16% at CER.